How the Manufacturing Industry Adds Value to the World

The start of a new year is the best time to assess the important role of the manufacturing industry in economic growth and to take stock of the industry as we’ve say goodbye to 2016.

The Essential Role of Manufacturers

The manufacturing sector helps other industries and businesses to succeed. In fact, the production aspect is the stem of all businesses, which means they would not even exist, let alone succeed, without the manufacturing industry.

As for economic growth and prosperity, the manufacturing sector is key to it. When the productivity of manufacturers increases, the national economy tends to grow and strengthen.

Also vital is the number of jobs that the manufacturing industry creates. Here in Canada, the manufacturing sector accounted for slightly more than 1,700 jobs each year between 2011 and 2015. Losing these manufacturing jobs would be detrimental to the national economy and, in turn, affect global trading partners.

2016 Update & 2017 Outlook

The Canadian manufacturing industry had highs and lows in 2016, with a notable moment when the government celebrated its new trade deal with the EU. While President Trump campaigned against free trade (i.e. NAFTA), Canada’s manufacturers as a whole had a more positive view of globalization.

While there was modest growth in Canada’s manufacturing industry in 2016, at least in provinces such as Manitoba, more than half of manufacturers (55 percent) are making growth their top strategic focus in 2017. An identical percentage of them are looking to enter new geographic markets in the New Year, while 66 percent plan to pursue more market share within existing geographic markets.

Meteor Foundry’s Contribution

The bottom line is that manufacturing matters. At Meteor Foundry, we are proud to contribute to this smart and sustainable sector by delivering excellent aluminum and zinc, sand and gravity permanent mold castings.

We serve a range of markets, including mining, aircraft, highways, defense, electric and gas, and robotics. The New Year offers an exciting opportunity to continue providing quality processes and products, as well as great customer service, while simultaneously encouraging the economy.